European Seminar Sounio 2010
Nikos Christodoulaki, (Prof.), University of Athens
June 11 2010
ELIAMEP: Professor Christodoulakis, thank you for being here at the conference on economic governance in the eurozone and the EU, co-organised by ELIAMEP and BRUEGEL. What would you say to those who are betting that the euro will not exist in 10 years from now?
Christodoulakis: I remember 10 years ago when the EMU was just about to be created. There were several economists and politicians, especially from the United States and the UK that were predicting that the euro would not exist in ten years time. But the project was actually successfully materialized and overcame several difficulties that were foreseen before. At that time, Europe was again in recession, so there were many differences between member states. Today again, the European Union is in some sort of recession. Several countries are in deep crisis but I still believe that the euro is not the problem but the solution to the current malaise. I think that European societies can mobilize to address the underlying economic and political problems by coming together, by becoming more united. So, I thing that now what is needed is more policy coordination, especially fiscal policies. But also, we need a pan-European initiative to create better infrastructure, to create a more assimilated and advanced institutional framework so that the countries which are lacking behind today, such as for example the European Southern countries, especially Greece among them, [ improve] and escape the current crisis.